Sasfin does the business

- HEPS up 169% to 118.9c - Cost-to-income ratio down to 68.5% from 90.5% - Return on equity increased to 33.8% p.a. from 13.7% p.a. - Sasfin Bank capital adequacy ratio is 27,6%

The group posted an after-tax profit of R29.9m for the six month period, 179% up on the same period in 2002, and 47% more than the full year's profit for the year to 30 June 2003.

CEO Roland Sassoon says these results are a vindication of the group's business model and three year-long restructuring programme aimed at becoming a highly viable small banking group.

Sassoon says declining interest rates in the latter half of 2003 benefited the group as most of its medium term receivables are not linked to downward interest rate adjustments.

The group's cost-to-income ratio declined to 68.5% from 90.5% for the same period a year ago, while return on equity surged to 33.8% from 13.7% over the same period.

The balance sheet shows total assets of R1.32bn, up from R1.26bn at the end of the last financial year in June 2003.

All the group's key divisions performed well over the six-month period.